One of the most vocal Bitcoin bulls over the years has been venture capitalist Tim Draper. In 2018, he made a bold prediction on the price of Bitcoin that ended up being right and early on the rise of the price of the cryptocurrency.
What Happened: Draper called Bitcoin BTC/USD a really interesting currency in a 2013 Fox Business interview. He came back on Fox Business on Sept. 23, 2014, and shared his bold prediction on the price of Bitcoin.
“I’m still predicting Bitcoin $10,000 per Bitcoin in three years,” Draper said at the time.
The thesis from Draper? Bitcoin is a hedge against many global currencies and also a way to send currency globally with ease.
The prediction was bold in the sense that Bitcoin traded at $413 at the time of airing. Draper was early with investments in many companies including Skype, Hotmail and Tesla Inc TSLA, which put some weight behind his prediction.
Bitcoin hit the $10,000 price point in November 2017, about three years after Draper’s prediction was made.
With the rising price of Bitcoin in 2021, Draper has doubled down and now has a price target of $250,000 by the end of 2022.
Related Link: Exclusive: Tim Draper On Bitcoin, Ethereum, When He Would Sell BTC
Investing In Bitcoin: In 2014, Draper purchased 30,000 Bitcoin at an average price of $600 as a bet on the growth in value and usage of the cryptocurrency. Draper is now up over $1 billion on his original Bitcoin purchase.
Bitcoin traded at $413 at the time the interview aired in 2014. Bitcoin hit a high of $441.56 on Sept. 23, 2014.
If you invested $1,000 in Bitcoin at the high price on the day Draper was interviewed by Fox Business, you could have bought 2.2647 Bitcoin.
Those 2.2647 Bitcoin would be worth $106,991.68 today based on a Bitcoin price of $47,243.20 at the time of writing.
Bitcoin has gained 10,599% since Draper’s interview aired on Fox Business.
Draper is a keynote speaker at this week's Benzinga Crypto Festival.
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